Breaking News

A Federal High Court in Lagos has ordered the interim forfeiture of
N1.96 billion allegedly belonging to an oil company, Ontario Oil and
Gas, over alleged fraudulent sale of refined petroleum.

Justice Hadiza Shagari issued the order, following an ex-parte
application filed by the Economic and Financial Crimes Commission (EFCC)
seeking attachment of the funds.

“That the property mentioned in paragraphs nine of the affidavit viz,
Renoir Logistics Ltd currently under investigation be interim
attached/forfeited pending the determination of the investigation and
possible prosecution of the case.

“That the said property attached/forfeited, ad-interim be managed and controlled by the EFCC,’’ the judge held.

In the suit labeled FHC/L/CS/1464/17, the commission joined as first
and second respondents respectively, Ontario Oil and Gas Ltd, and Mrs
Ada Ugo-Ngadi, Managing Director of the company.

An affidavit of urgency elicited by an investigating officer of the
EFCC, Abdukarim Acheneje, in support of the ex parte motion, chronicles
as follows:

“That the EFCC received a petition from Ms Joan Ganadanu, a legal
practitioner, against the second respondent, complaining of diversion
and conversion of proceeds of sale of refined petroleum products valued
at N1.96 billion.

“That the petition alleged that the first respondent is a customer to Union Bank Plc, of Stallion Plaza branch, Marina Lagos.

“That union bank granted a loan facility to the first respondent in
the tune of 70 million US dollars to import and/or purchase locally
refined petroleum products PMS, DPK and AGO.

“That the loan was to be repaid from sale of the products and the
second respondent guaranteed repayment of the said loan personally.

“That further investigations revealed that the respondent have lifted
the product on the order financed by the bank for 10,000 metric tons of
AGO, since July 2016.

“That the respondent have sold same, but have refused to lodge the
proceeds in the company’s account, and pay back the facility to union
bank among other financial infractions.”